In bubbly two-phase flow, gas phase and liquid phase have different flow fields, respectively. The relative velocity between two phases depends on the motion characteristic of bubbles. The mathematical expression for the motion of small bubble at low Re number is already established. Using the equation, liquid velocity along the trajectory of the bubble is inversely calculated by the motion equation. Whole field liquid flow structure is also estimated using spatial and/or temporal interpolation method. This paper proposes such an algorithm for estimating liquid phase flow field from measurement data of bubble motion. The frequency response analysis implies high advantage of the inverse analysis from bubble to liquid rather than solid particle to liquid. The applicability of the algorithm is examined with Taylor-Green vortex flow as an analytical test case, and with a bubbly plume as an experimental demonstration.